5 Salary Negotiation Tips to Be Paid What You Are Worth

5 Salary Negotiation Tips

Negotiating your salary for a new position, or a raise at a job you already have, can be like walking a tightrope. You never know when one little misstep can set you back instead of helping you get ahead.  These salary negotiation tips can help you prepare yourself for negotiating a better salary, but the most important thing to remember is that negotiations are a give and take process, so leave your bulldozer at home!

Keep Your Negotiations Professional

Your credit card debt or your spouse’s impending surgery are not appropriate instruments of negotiation. Be sure when negotiating your salary that you focus on the value received for the money paid. Focus on your skills and experience. Do your homework to discover:

·       The salary range that is appropriate for your specific position of interest

·       Salary variables, such as for-profit versus non-profit organizations

·       Current economic conditions

·       Educational levels

·       The company’s current fiscal status 

Be Patient

Your initial interview is not the place to begin talking about pay. Wait until the employer introduces the concept of pay and benefits; if you seem too eager to know what the pay and benefits are, the employer may not see what you have to offer. Focus on selling yourself for the position first. Before you even apply for the job, know what your financial needs are and whether or not the job can come close to fulfilling those needs.

Be a Smart Negotiator

Consider that many companies use salary negotiations as another way of vetting candidates. The savvy you show in negotiating a salary may be what tips the scales in favor of you being hired. Perform due diligence by reviewing the full job description and gaining a full understanding of the work, the education requirements, and the demands of the job.

If the interviewer asks you about  salary requirements before you are ready to make a decision, say, “I’m open.  Can we talk a little bit more about what you’d like me to do in the job, and then get back to the salary?”  This tells the interviewer that your priority is the position and that, while you recognize his or her need to discuss salary, it’s not your first priority.

Weigh Benefits

Most companies will place a value on the benefits package and expect you to consider it when determining the salary you need. Compare benefit packages from one position to another, as the differences between them may make one more lucrative overall than the other. Especially important to consider: how much out of pocket expense you will face for insurance and whether or not the company makes any kind of matching contributions to your retirement or offers any form of profit sharing or bonus structure.

Know Your Worth in the Open Market

Before you enter salary negotiations, make sure you know what your skills are worth on the open market. If you have special training or licensing, keep that in mind. Determine what you might be able to make should you turn down the position  - and don’t be afraid to say no.

Whether or not you are able to successfully negotiate a salary that works for you and the company, do your best to preserve the relationship with the company. Their financial situation may change and allow them to better compete for someone at your skill level, or they may hire someone else and then regret it completely because, while they’ve saved some on labor costs, they’ve lost the talent that would have helped them meet their goals.